Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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Starbucks Corp., consolidated income statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27), 10-K (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-Q (reporting date: 2019-12-29).
Net revenues exhibited considerable volatility throughout the analyzed period. A significant decline was observed from December 2019 to June 2020, followed by a recovery and subsequent growth through October 2021. Revenues peaked in October 2021, then experienced a dip in early 2022 before resuming an upward trajectory, albeit with fluctuations, through September 2024. A noticeable decrease in net revenues occurred in the final quarters of 2024 and the first half of 2025.
Cost of revenues generally tracked net revenues, demonstrating a similar pattern of decline, recovery, and subsequent increase. Notably, the cost of revenues consistently represented a substantial portion of net revenues, remaining relatively high throughout the period. Store operating expenses also exhibited a consistent and upward trend, increasing steadily over the analyzed timeframe, indicating growing operational costs.
- Gross Profit Trends
- Gross profit mirrored the revenue volatility, experiencing a substantial decrease in the first half of 2020. While recovering in subsequent periods, gross profit remained below pre-pandemic levels until late 2021. Growth continued through 2023, but a decline became apparent in 2024, coinciding with the revenue decrease. The gross profit margin fluctuated, suggesting changes in pricing strategies or cost management effectiveness.
Operating income displayed a similar pattern to gross profit, with a significant drop in the first half of 2020, followed by recovery and growth. A peak was reached in the second half of 2021, after which operating income experienced fluctuations. The final quarters of 2024 and the first half of 2025 saw a notable decline in operating income, mirroring the revenue trend.
- Expense Analysis
- General and administrative expenses demonstrated a consistent upward trend throughout the period, indicating increasing overhead costs. Depreciation and amortization expenses remained relatively stable, with minor fluctuations. Restructuring and impairment charges were present in several quarters, contributing to volatility in operating income, particularly in earlier periods and the end of the analyzed timeframe.
Net earnings attributable to the company followed the trends observed in operating income, experiencing a significant decline in the first half of 2020, followed by recovery and growth. A peak was reached in the second half of 2021, with fluctuations occurring thereafter. The final quarters of 2024 and the first half of 2025 showed a marked decrease in net earnings, aligning with the revenue and operating income trends.
- Revenue Composition
- Company-operated stores consistently contributed the largest portion of net revenues. Licensed stores represented a significant, though smaller, revenue stream. The "Other" category remained relatively stable as a percentage of total revenue. The growth in both company-operated and licensed store revenues contributed to the overall revenue recovery and growth observed after the initial decline in 2020.
Interest expense remained relatively consistent throughout the period, while interest income exhibited minor fluctuations. The impact of these items on overall profitability was moderate. The company experienced a net benefit from income tax in some periods, particularly in the earlier part of the analyzed timeframe, which positively impacted net earnings.